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Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) of $1.9 billion, providing 1.6 times coverage [6][20] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [16][17] - Distributable cash flow increased by $127 million or 7% compared to the previous year, primarily due to lower sustaining capital expenditures [17][20] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [6][7] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to increase to 360,000 barrels per day with future expansions [9][15] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [12] - The company noted that spot terminal fees for LPG exports have significantly decreased from $0.10 to $0.15 per gallon to lower levels [12] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including new gas processing plants in the Permian [7][8] - The competitive landscape for LPG exports is becoming increasingly challenging, with new midstream companies entering the market [11][13] - The company aims to leverage its existing infrastructure to maintain competitive advantages and meet customer needs through brownfield expansions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic and geopolitical challenges, emphasizing the importance of U.S. energy exports [10][11] - The management team believes that the demand for U.S. ethane and ethylene remains strong in Asia and Europe, despite recent market pressures [13][14] - The company anticipates continued profitability in the Permian Basin, with producers maintaining their guidance despite market fluctuations [40][42] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [18] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain in the range of $4 to $4.5 billion for 2025 [19][20] Q&A Session Summary Question: Ramp-up of new assets in the second half of 2025 - Management indicated that the new processing plants are expected to ramp up quickly, with high utilization rates anticipated [23][24][26] Question: Capital allocation and buyback strategy - The company plans to continue opportunistic buybacks, with expectations of increased free cash flow in 2026 [28][30] Question: LPG export fees and market dynamics - Management confirmed that they are 85-90% contracted for LPG exports through the end of the decade, indicating that significant margin compression challenges are likely over [73] Question: Outlook for PDH and refined product services - Operating rates for PDH have improved, but management noted that they have not yet met expectations [49] Question: Impact of potential LNG projects on Haynesville Shale - The company is optimistic about the Acadian gas system and expects to benefit from increased activity in the Haynesville [68][69] Question: Strategic importance of growth backlog - Management emphasized the importance of maintaining a robust growth backlog to attract equity investment and support future capital allocation decisions [89][90]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) providing 1.6 times coverage and retaining $740 million of DCF [5][15][18] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [14][15] - Distributable cash flow increased by $127 million or 7% to $1.9 billion for Q2 2025, primarily due to lower sustaining capital expenditures compared to the previous year [15][17] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [5][6] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to reach full operational capacity in the first half of 2026 [7] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [10][11] - The company noted a shift in the LPG export market, with spot terminal fees previously ranging from $0.10 to $0.15 per gallon, now facing increased competition [9][10] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including gas processing plants in the Permian [6][12] - The competitive advantage lies in existing export infrastructure, allowing the company to meet customer needs through brownfield expansions [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic and geopolitical challenges but expressed confidence in the company's positioning to succeed despite these headwinds [5][8] - The management highlighted the importance of energy and global trade, indicating potential future challenges due to competitive pressures in the LPG export market [9][12] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [16] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain unchanged at $4 to $4.5 billion for 2025 [17][18] Q&A Session Summary Question: How should we think about the ramp-up of $6 billion of assets coming online in the second half of 2025? - Management indicated that processing plants are expected to ramp up quickly, with high utilization rates anticipated [21][23][25] Question: Will the buyback program increase in anticipation of 2026 being a lean year? - Management confirmed that they are being opportunistic with buybacks and expect larger opportunities in 2026 as free cash flow increases [27][29] Question: How do you see the LPG export market evolving? - Management stated that they are 85-90% contracted through the end of the decade and will defend their market position [32][74] Question: What are the lessons learned from the BIS ethane incident during Q2? - Management noted that while they were largely unscathed, the incident compromised the U.S. brand for reliable supply and energy security [45][46] Question: How do you view the outlook for PDH and octane enhancement? - Operating rates for PDHs have improved, but management is still not satisfied with performance, while octane enhancement margins have normalized but remain healthy [48][49]

Capital Allocation and Returns - Enterprise returned $59 billion to equity investors since IPO via LP distributions and common unit buybacks[8] - Distributions were $0.545 per unit for 2Q 2025, a 3.8% increase over 2Q 2024[8] - Buybacks in 2Q 2025 totaled $110 million for 3.6 million common units[8] - For the trailing 12 months ended 2Q 2025, buybacks were $309 million for 10 million common units[8] - Adjusted CFFO Payout Ratio was 57% for the trailing 12 months ended 2Q 2025[8] Capital Expenditures and Liquidity - Growth Capital Expenditures are projected to be in the range of $40 billion to $45 billion in 2025 and $20 billion to $25 billion in 2026[8] - Sustaining Capital Expenditures are estimated to be approximately $525 million in 2025[8] - The Leverage Ratio was 31x for the trailing 12 months ended 2Q 2025, with a target ratio of 30x (+/- 025x)[8] - Liquidity stood at $51 billion as of June 30, 2025, comprising available credit capacity and unrestricted cash[8] Operational Performance and Growth - Natural Gas Processing Plant Inlet Volume reached a record 77 Bcf/d[20] - Equivalent Pipeline Transportation Volume reached a record 134 MMBPD[21] - Total Marine Terminal Volumes reached a record 21 MMBPD[22] Gross Operating Margin (GOM) Analysis (2Q 2025 vs 2Q 2024) - Total GOM increased from $2412 million in 2Q 2024 to $2477 million in 2Q 2025[39] - NGL Segment GOM decreased by $28 million[39] - Crude Oil Segment GOM decreased by $14 million[39] - Natural Gas Segment GOM increased by $124 million[39] - Petrochemicals & Refined Products Segment GOM decreased by $38 million[39]

Rithm Capital (RITM) Q2 2025 Earnings Call July 28, 2025 08:00 AM ET Company ParticipantsEmma Bolla - Associate General CounselMichael Nierenberg - Chairman, President & CEOBaron Silverstein - PresidentBose George - Managing DirectorCrispin Love - Director - Equity ResearchRandy Binner - Managing DirectorKenneth Lee - Vice PresidentConference Call ParticipantsEric Hagen - MD, BTIG Mortgage & Specialty Finance AnalystDouglas Harter - Equity Research AnalystOperatorGood day, and welcome to the Rhythm Capital ...

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Financial Data and Key Metrics Changes - Weyerhaeuser reported second quarter GAAP earnings of $87 million or $0.12 per diluted share on net sales of $1.9 billion, with adjusted EBITDA totaling $336 million, a slight increase over the first quarter of 2025 [5][24] - Cash from operations was $396 million, ending the quarter with approximately $600 million in cash and total debt of just under $5.2 billion [24][26] - Share repurchase activity totaled $100 million in the second quarter, marking the highest quarterly level since late 2022 [24] Business Line Data and Key Metrics Changes - Timberlands contributed $88 million to second quarter earnings, with adjusted EBITDA of $152 million, a $15 million decrease compared to the first quarter, primarily due to higher costs in Western operations [10] - Real Estate, Energy, and Natural Resources contributed $106 million to second quarter earnings and $143 million to adjusted EBITDA, with a $61 million increase from the prior quarter driven by the timing and mix of real estate sales [14] - Wood Products contributed $46 million to second quarter earnings and $101 million to adjusted EBITDA, with a $29 million decrease compared to the first quarter due to lower product pricing and slightly higher log costs [15][18] Market Data and Key Metrics Changes - Log demand in the Western domestic market was healthy at the start of the second quarter but weakened as the quarter progressed, leading to lower log prices [10] - In Japan, log markets remained stable, with average sales realizations for export logs increasing moderately compared to the first quarter [11] - Southern sawlog demand was muted in the second quarter, while demand for fiber logs improved as mills transitioned from spring maintenance outages [12] Company Strategy and Development Direction - The company is acquiring 117,000 acres of timberlands in North Carolina and Virginia for $375 million, expected to enhance its footprint in a growing sawlog and fiber market [6][8] - Weyerhaeuser aims to achieve a multi-year target of $1 billion in investments to grow its timberlands portfolio by the end of 2025 [8] - The company is committed to active portfolio management, including targeted acquisitions and divestitures of non-strategic acreage [7][9] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market has softened, with total housing starts averaging 1.3 million units in the second quarter, impacted by weaker consumer confidence and elevated mortgage rates [38] - There is optimism for potential catalysts for improvement in the second half of the year, including clarity on tax bills and possible Fed support on interest rates [39] - The long-term fundamentals for a strong housing market remain intact, supported by favorable demographic trends and an underbuilt housing stock [40] Other Important Information - The company expects third quarter earnings and adjusted EBITDA for Timberlands to be approximately $10 million lower compared to the second quarter, driven by lower sales realizations and higher costs [28] - Capital expenditures were $107 million in the second quarter, with a total investment for the new engineered wood products facility in Arkansas expected to be approximately $500 million through 2027 [26][27] Q&A Session Summary Question: Outlook for Wood Products segment and operational excellence - Management emphasized the importance of operational excellence and flexibility to navigate down cycles, focusing on cost control and production alignment with demand [50][52] Question: Timberland acquisition environment - The Timberlands market is described as solid, with expectations for continued strong demand for timberland packages despite a potential decrease in overall transaction volume [54][55] Question: EWP pricing trends and catalysts for reversal - The decline in EWP pricing is attributed to a slowdown in single-family construction, with potential catalysts for recovery including increased housing activity and repair and remodel demand [64][66] Question: Impact of the "big beautiful bill" on natural climate solutions - The bill is viewed as a net positive for Weyerhaeuser, with ongoing projects expected to align with new incentives for renewable energy [74][76] Question: Current market conditions for lumber - Lumber pricing dynamics are influenced by anticipated duties and production adjustments, with expectations for pricing to stabilize and potentially increase in the fall [81][84] Question: Divestiture funding for acquisitions - The acquisition will be funded primarily through divestitures of non-core timberlands, with a focus on completing transactions within a specified timeline [98][99]

Weyerhaeuser Company (WY) Q2 2025 Earnings Call July 25, 2025 10:00 AM ET Speaker0Greetings, and welcome to the Weyerhaeuser Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are on a listen only mode. After the speakers' remarks, there will be a question and answer session. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andy Taylor, Vice President of Investor Relations.Thank you, Mr. Taylor. You may begin.Speaker1Than ...